2014 Review OF THE YEAR
4.1. FINANCIAL REVIEW
ANALYSIS OF CONSOLIDATED FINANCIAL RESULTS
The in-depth transformation being carried out by Accor started to pay off in 2014.The Group posted record results, with excellent performances
in both its businesses –
. It strengthened its leadership by pursuing
consolidating its position as
with the acquisition of 110 hotels, forging alliances
in China and
in Central Europe, and
investing in Mama Shelter
Accor also rose to the
during the year, with some very tangible results expected as early as 2015. Its
€225 million five-year
has given the Group the means to take fresh action to streamline and further customize its dealings with customers, employees
Earnings before interest and tax (EBIT)
in 2014, representing year-on-year
growth of 11.7% at
consolidation and exchange
(like-for-like) and 15.6% as reported. Key features of the results were a €36 million reduction in rental
expense following the restructuring of leased hotels, and a €29 million increase in revenue. At the same time, Accor refinanced its debt,
generating a saving of €38 million compared with 2013, bringing
net profit, Group share to €223 million, an increase of 77%.
(inmillions of euros)
31.9% 32.5% +0.6 pt
Operating profit before tax and non-recurring items
Net profit before profit/(loss) from discontinued operations
Profit/(loss) from discontinued operations
NET PROFIT, GROUP SHARE
(1) Like-for-like: at constant scope of consolidation and exchange rates.
(2) Earnings before interest, taxes, depreciation, amortization and rental expense.
amounted to €5,454 million in 2014, up 3.8% year-on-year
at constant scope of consolidation and exchange rates (up 0.5% as
reported) thanks to a good level of demand in most of the Group’s
key markets: Mediterranean, Middle-East and Africa (up 9.8%),
Americas (up 7.2%), Europe (excluding France and Mediterranean)
(up 4.7%) and Asia-Pacific (up 1.9%). France (up 0.4%) saw its
performance improve slightly in the second half thanks to the Paris
Motor Show and various trade fairs, but was significantly impacted
by the increase in theVAT rate from 7% to 10%, only a small portion
of which was passed through to the prices charged to customers.
Reported revenue reflects the following factors:
development, which added
growth, resulting mainly from the integration of
29,556 new rooms
over the year;
changes in the scope of consolidation due to asset disposals,
which reduced revenue by
negative currency effect, reflecting lower
exchange rates against the euro, notably for the Australian dollar
and the Brazilian real.
Growth in the Group’s hotel portfolio returned to a fast pace during
the year. A total of
29,556 new rooms
under management contracts and franchise agreements;
71% outside Europe.
is well underway, with
in the pipeline as of December 31, 2014, of which 91% under
management contracts and franchise agreements.
(1) In number of rooms.
Registration Document 2014